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I am in the process of getting preapproved, but need to settle an old charge off of over $3,000. I really don't want to pay in full, but if I have to I will. I already called and the representative said it has to be paid in full to take care of it. Then I asked if I can speak to a supervisor who might be able to work with me on a settlement and she transferred to me a voicemai.
Should I just pay in full or do you think I might have a chance with the OC settling? I'm surprised they still own the debt and never sent it to an OC.
What's the company?
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
globe acceptance - car financing
A quick search shows GACC as a collections company. I would assume they own the debt that remained from what I can only assume was a repo. Is this correct? How old is this debt? What other tradelines exist related to this car loan...OC Loan, etc.
| Chase Freedom $9500 DCU Visa $10000 Capital One QS $2000 AMEX BCE $3000 | Lowe's CC $8500 WalMart CC $3100 BOA Platinum $600 AMEX Gold NPSL |
Sorry, I meant Globe Acceptance (not global). It's my original creditor for the car loan, which was repo'd.
How old is the account?
Yes, OCs will settle but if you are looking to have it deleted they may require the full payment.
There is a chance, but it will require a bit of accounting nuisance on their part that they may wish to avoid unless payment is substantail.
When they did the CO, they wrote the uncollectivle bad debt off from their assets. When paid, they must move it back to a paid asset, which is then taxable.
It essentially undoes the tax writeoff they have already obtained, so anything up to their tax rate wont be viewed as money in pocket.
Thus, a very low ball offer to settle probably wont have them chomping at the bit.......
i'm not even looking to delete it, the lender just wants it settled. So I'm even offering 50% but the representative said "no." That's when I asked to speak to someone with authority and she transferred me to a voicemail where I left a msg.
most of the time if you wanna to get them delete then you have to paid them in full and get them in writing before make any payment.